Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Purchase entry

Save Share

This query is : Resolved

D MOHAMMED FAIZAL (Querist)
Follow

17 August 2017 Sir,

Please clarify whether GST purchase bill should be accounted in our accounts book, on invoice date or else on goods receipt date at our godown?

(because we usually purchase goods from other states, the supplier raises the gst invoice against our name when material dispatched from their godown, but we get materials after a month. When can we account this purchase bill? please clarify?) and clarify who will be the owner of goods in transit?

CA Suresh Jain

CA Suresh Jain (Expert)
Follow

17 August 2017 In the books you have to account for the purchases only on receipt of the goods not before the receipt of goods.
Ownership of goods in transit has nothing to do with GST, it has to be decided as per the terms and condition of the sale contract between you and seller

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now